Explanation of the the deadline for making 2022 IRA or Roth IRA contributions. Spoiler alert: it’s April 18, 2023
IRS summary of Modified Adjusted Gross Income limits for deducting 2022 traditional IRA contributions –
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DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Andy Panko EMC LLC make any representations to its accuracy….(read more)
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With the start of the new year, many individuals are wondering if they can still make an IRA or Roth IRA contribution for the 2022 tax year. The answer is yes, you can still make a contribution.
IRA and Roth IRA contributions are allowed up to the April 15th deadline each year. This means you still have time to make a contribution for the 2022 tax year. How much you can contribute will depend on your income and filing status.
For traditional IRAs, the contribution limit is $6,000 for those under age 50 and $7,000 for those age 50 and older. For Roth IRAs, the contribution limit is $6,000 for those under age 50 and $7,000 for those age 50 and older.
In addition to the contribution limit, there are other rules and regulations you should be aware of before making a contribution. For example, if you are covered by a retirement plan at work, your contribution may be limited or even disallowed depending on your income.
If you are eligible to make a contribution, it is important to do so as soon as possible. Contributions made before the April 15th deadline are tax deductible for the current tax year. This means you can save money on your taxes now and enjoy the benefits of a retirement savings plan for many years to come.
No matter your age or income level, it is important to take advantage of the opportunity to make an IRA or Roth IRA contribution for the 2022 tax year. Doing so can help you save money now and plan for a secure retirement in the future.
So if I'm understading correctly, if my husband and I made $166k in w-2's , but i contributed $2,400 on my own to a Roth IRA, my contribution will lower our AGI so that I'm taxed based on the amount we did on our W-2's less the contribution to Roth IRA?
We got married last year in 2022, and we didn't know that our combined income would be this high.
Can I open an IRA and contribute prior to April 18 2023?
Hi Andy, I have my W2 Tax Form. My W2 Gross Pay is $11K+, and $3K+ was deducted for 401K plus other pre-taxes. Total wage is $7K+. I also made a Roth "conversion" in 2022, which I understand is excluded from Roth "contribution" calculation. I also understand that investment dividends and interests are also excluded, because they are not earnings from a job. I opened a separate Roth account and would like to take advantage of the max allowed for 2022. Can I still contribute the $6500 max, from the $7K Total Wage. Is the Modified (MAGI) the $7K, after all the pre-tax deductions? Thank you.
Nice to see you back! Hope you’re well. Enjoying the podcasts as well!
I went over the Roth limit but had stopped contributing at 2100 but think I am going to have to remove that too. It’s was from a very big bonus.